Exploration of Project Cost Management Challenges Based on Process Approach.

Effective cost management is necessary to implement projects successfully. However, in practice organizations may face unique challenges that need to be addressed. To achieve this goal, the paper explores project cost management challenges, using survey responses from 51 managerial/senior-level staff on the open-ended questions connected to the project cost management processes. Data analysis, supported by process approach, was conducted with the use of systematic coding. The findings reveal that managing projects creates challenges, connected to the project cost management processes such as (1) cost management planning, (2) cost estimation, (3) cost budgeting, and (4) cost control. The research allowed for the discovery of a set of project cost management challenges, definition of their causes and effects, and development of possible countermeasures. Implications and recommendations for future research are given. [ABSTRACT FROM AUTHOR]